Types of Insurance Policies

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In general, there are 2 major types of insurance - general insurance and life insurance. However, some other types of insurance are available as well. In India life insurance is the most availed form along with health and accident based plans.

Insurance Policies - Categorization

  • General Insurance
    1. Personal Insurance
    2. Rural Insurance
    3. Industrial Insurance
    4. Commercial Insurance

  • Life Insurance
    1. Whole Life Plan
    2. Endowment
    3. Money Back
    4. Term plan
    5. ULIP
  • Others
    1. Home insurance
    2. Travel insurance

General Insurance Policies



Personal Insurance



Personal insurance is essentially a plan availed by an individual to take care of various requirements like health and coverage against death or injury by accident. There are several policies nowadays where there is an option to cover the family members in an individual policy.

The different types of personal insurance may be mentioned as well:

Medical Insurance

Medical or health insurance is taken to cover against the chances of medical costs. These plans are created with estimates of healthcare expenses a person may face in future and the premiums are determined on such approximations.

Following are some of the leading health insurance policies available in India:

Provider Policy Name
Star Health Star Comprehensive
Apollo Munich Health Insurance Optima Senior
Bajaj Allianz Family Floater Health Guard Plan
Max Bupa Heartbeat
ICICI Lombard iHealth Plan
HDFC Ergo Health Suraksha

Accidental Insurance

The accidental insurance policies cover both death and any sort of disability arising from an accident. These plans cover a wide range of situations but not ones arising from using alcohol or drugs.

The top accidental insurance policies available in India may be mentioned as below:

Provider Policy Name
ICICI Lombard Personal Protect
Apollo Munich Health Insurance Individual Personal Accident Plan
HDFC Ergo General Insurance Personal Accident
Tata AIG Insurance Group Personal Accident
Future Generali Future Accident Suraksha
Oriental Insurance Personal Accident Insurance Cover

Property Insurance

Property insurance provides coverage against risks to property arising from fire, weather damage, or theft to name a few. This type of insurance can be further sub divided into fire insurance, earthquake insurance, flood insurance, and boiler insurance for example. The Standard Fire & Special Perils policy of SBI General Insurance is one of the major examples of such a policy.

Vehicle Insurance

Vehicle insurance is also referred to as auto insurance, car insurance, GAP insurance, and motor insurance. It is primarily bought for securing road vehicles such as cars, motorcycles, and trucks from physical damage from traffic accidents as well as any liability that may arise thereafter.

Following are the leading vehicle insurance policies available in India:

Provider Policy Name
ICICI Lombard Car Insurance
Bajaj Allianz Car Insurance Online
Reliance General Insurance Reliance Private Car Insurance
HDFC Ergo General Insurance Motor Insurance
ICICI Bank Car Insurance


Rural Insurance



Rural insurance is meant to cater to the requirements of rurally bases businesses or individuals. These policies provide a wide range of coverage starting from life and health to protection against natural disasters that can have a negative effect on business.

The leading rural insurance policies available in India may be mentioned as below:

Provider Policy Name
ICICI Lombard Family Health Insurance, Weather Insurance, Home Insurance, Shop Insurance Tractor Insurance, and Artisans and Weavers
Tata AIG Insurance Motor Insurance, Health and Accident Insurance, Property, and Livestock
New India Assurance Cattle Insurance, Sheep & Goat Insurance, Poultry Insurance Scheme, Dog Insurance Scheme, Silk Worm Insurance Scheme, Honey Bee Insurance, Agricultural Pumpsets Insurance Scheme, Hut Insurance, Lift Irrigation Insurance, Janata Personal Accident, and Horticulture/Plantation Insurance
ICICI Prudential ICICI Pru Sarv Jana Suraksha, and ICICI Pru Anmol Nivesh


Industrial Insurance



The industrial insurance policies are availed by various companies to get protection for important projects, construction, contracts, and equipment from situations like fire, theft and any form of damage or loss.

The top industrial insurance policies of India may be mentioned as below:

Provider Policy Name
ICICI Lombard Boiler and Pressure Plant Insurance Policy, Machinery Loss of Profits Insurance Policy, Electronic Equipment Insurance Policy, Contractors' All Risk Policy, Machinery Breakdown Insurance Policy, Contractors' Plant & Machinery, and Erection All Risks
United India Insurance Boiler and Pressure Plant Policy, Electronic Equipment Policy, Contractors Plant and Machinery Policy, Machinery Breakdown Policy, Deterioration of Stock, and Industrial All Risk Policy
Royal Sundaram General Insurance Industrial All Risks Policy
New India Assurance Fire Policy, Contractors All Risk Policy, Burglary Policy, Marine cum Erection / Storage cum Erection Policy, Machinery Breakdown Policy, Advanced Loss of Profit / Delay in Startup Policy, Electronics Equipment Policy, Contractor Plant and Machinery Policy, Consequential Loss Policy, and Mega Package Policies


Commercial Insurance



Commercial insurance is availed in order to get security against theft, liability, and property damage. These plans also help in cases of employee injuries and business interruption.

Following are the leading commercial insurance policies available in India:

Provider Name of Policy
National Insurance Burglary (Business Premises) Policy, Jewellers Block Policy, Shopkeepers Policy, Extended Warranty Policy, Bankers Indemnity Policy, Directors and Officers Liability Policy, Office Package Policy, Fidelity Guarantee Policy, Glass Insurance, Marine Cargo Insurance, and Money Insurance
Tata AIG Insurance Commercial General Liability Insurance


Life Insurance



Life insurance is taken primarily to secure oneself and/or one's family when the ability to earn is less or provide for the dependents when the insured is either deceased or unable to earn a livelihood.

Following are the various types of life insurance:

Whole Life Insurance



Whole life insurance policies are taken for the entire duration of an insured's life. In these policies premium has to be paid on a yearly basis as long as the policy lasts.

The leading whole life plans offered in India may be enumerated as below:

Provider Name of Policy
Life Insurance Corporation of India The Whole Life Policy, The Whole Life Policy - Limited Payment, The Whole Life Policy - Single Premium
HDFC Life HDFC Single Premium Whole of Life Insurance Plan
Reliance Life Insurance Reliance Whole Life Plan
Kotak Life Insurance Kotak Eternal Life Classic Shield Plan, Kotak Eternal Life Premier Plan


Endowment Plans



The endowment plans are supposed to provide a lump sum once the policyholder dies or when the policy matures. Certain endowment policies also provide payment in case of critical illnesses.

Following are the top endowment plans available in India:

Provider Name of Policy
Life Insurance Corporation of India Endowment Plus
Future Generali Future Generali Assure-With-Profit Endowment Plan


Money Back Plans



The money back plans are used as a form of investment that produces good financial returns in future for using in various purposes, even recreational.

The top money back plans may be mentioned as below:

Provider Name of Policy
SBI Life Insurance Money Back Plan
Birla Sun Life Insurance BSLI Bachat (Moneyback) Plan
Reliance Life Insurance Reliance Life Insurance Guaranteed Money Back Plan
Max Life Insurance Life Pay Money Back
Life Insurance Corporation of India Money Back with Profit
Kotak Life Insurance Kotak Money Back Plan
HDFC Bank HDFC SL New Money Back Plan


Term Life Insurance



The term life insurance plans or term assurance plans are availed to receive a fixed payment rate over a period of time, which is the term period. Once the period comes to an end the policy owner can discontinue the policy or extend it.

Following are the leading term plans available in India:

Provider Name of Policy
ICICI Prudential ICICI Pru iCare
Kotak Life Kotak e-Term/e-Preferred Plan, Kotak Term Plan/Kotak Preferred Term
AEGON Religare AEGON Religare Level Term Plan


ULIPs



The ULIPs or Unit Linked Insurance Plans are one where the financial worth of a policy is dependent on the present net asset value of the core investment assets related to it. These policies are both flexible and protective, which is a unique feature. The premiums of these policies are used to buy investment asset units selected by the policy owners.

The top ULIPs offered in India are:

Provider Name of Policy
Bajaj Allianz iGain III - Investment Plan
SBI Life Insurance SBI Life - Smart Performer, SBI Life - Unit Plus Super, SBI Life - Saral Maha Anand, SBI Life - Smart Elite, SBI Life - Smart Scholar, SBI Life - Smart Horizon, and SBI Life - SmartWealth Assure


Other Forms of Insurance



Home Insurance



Home insurance is also referred to as homeowner's insurance or hazard insurance and is primarily taken to cover private homes against various forms of losses and liabilities.

Following are the leading home insurance policies available in India:

Provider Name of Policy
HDFC Ergo General Insurance Home Insurance
New India Assurance Householders Insurance
Reliance General Insurance Home Insurance
SBI General Insurance Long Term Home Insurance
Tata AIG Insurance Home Insurance
ICICI Lombard Home Insurance
Royal Sundaram General Insurance Home Insurance


Travel Insurance



Travel insurance policies can be availed to cover both long and short trips as well as trips within the country as well as outside it. These plans cover medical and non medical expenses.

The leading travel insurance policies available in India may be mentioned as below:

Provider Name of Policy
ICICI Lombard Overseas Travel, Senior Citizen, and Annual Multi Trip
Reliance General Insurance Overseas Travel Insurance, Senior Citizen Insurance, and Annual Multi Trip Insurance
Tata AIG Insurance Overseas Travel Insurance, Student Travel Insurance, and Domestic Travel Insurance
HDFC Ergo General Insurance Travel Insurance
Bajaj Allianz Individual Travel Insurance, Corporate Travel Insurance, Family Travel Insurance, Travel Asia, Senior Citizen Travel, Swadesh Yatra, and Student Travel Insurance
IFFCO TOKIO General Insurance Travel Insurance Policy




Last Updated on 09/14/2011

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